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S06382 Summary:

S06382 Actions:

S06382 Committee Votes:

S06382 Floor Votes:

S06382 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          6382
 
                               2019-2020 Regular Sessions
 
                    IN SENATE
 
                                      June 7, 2019
                                       ___________
 
        Introduced  by  Sen.  RANZENHOFER -- read twice and ordered printed, and
          when printed to be committed to the Committee on Rules
 
        AN ACT granting retroactive tier III membership in the  New  York  state
          and local employees' retirement system to Steven R. Grice
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. Notwithstanding any other law to the  contrary,  Steven  R.
     2  Grice, who is currently a Tier VI member of the New York state and local
     3  employees'  retirement  system  and  currently employed by the county of
     4  Genesee, and who commenced employment with the county of Genesee on June
     5  22, 1981, and who, for reasons not ascribable  to  his  own  negligence,
     6  failed  to  become  a  member of the New York state and local employees'
     7  retirement system in 1981, may be deemed to have become a member of  the
     8  New  York state and local employees' retirement system on June 22, 1981,
     9  if within one year of the effective date of this act he  shall  file  an
    10  application  therefor  with  the state comptroller. Upon receipt of such
    11  application, Steven R. Grice shall be granted Tier III status in the New
    12  York state and local employees' retirement system and  be  eligible  for
    13  all  the  rights  and benefits thereof. No contributions made to the New
    14  York state and local employees' retirement system  by  Steven  R.  Grice
    15  shall be returned to him pursuant to this act.
    16    § 2. Any past service costs incurred in implementing the provisions of
    17  this act shall be borne by the county of Genesee.
    18    § 3. This act shall take effect immediately.
    19    FISCAL NOTE.--Pursuant to Legislative Law, Section 50:
    20    This  bill  will  grant  Tier 3 status in the New York State and Local
    21  Employees' Retirement System to Steven R. Grice, a current Tier 6 member
    22  employed by the county of Genesee, by changing his date of membership to
    23  June 22, 1981, his first date of employment with the county of  Genesee.
    24  There will be no refund of member contributions. As a Tier 3 member with

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02405-02-9
        S. 6382                             2
 
     1  over  10  years  of membership, he will no longer be required to make 3%
     2  member contributions.
     3    If this bill is enacted during the 2019 legislative session, we antic-
     4  ipate  that  there  will  be  an increase of approximately $4,900 in the
     5  annual contributions of the county of Genesee for the fiscal year ending
     6  March 31, 2020. In future years, this cost  will  vary  as  the  billing
     7  rates and salary of Steven Grice change.
     8    In addition to the annual contributions discussed above, there will be
     9  an  immediate  past  service  cost  of $8,430 which will be borne by the
    10  county of Genesee as a one-time payment. This estimate is based  on  the
    11  assumption that payment will be made on February 1, 2020.
    12    Summary of relevant resources:
    13    The  membership  data  used  in  measuring  the impact of the proposed
    14  change was the same as that used in the March 31, 2018  actuarial  valu-
    15  ation.    Distributions  and  other  statistics can be found in the 2018
    16  Report of the  Actuary  and  the  2018  Comprehensive  Annual  Financial
    17  Report.
    18    The  actuarial assumptions and methods used are described in the 2015,
    19  2016, 2017 and 2018  Annual  Report  to  the  Comptroller  on  Actuarial
    20  Assumptions,  and  the  Codes, Rules and Regulations of the State of New
    21  York: Audit and Control.
    22    The Market Assets and GASB Disclosures are found in the March 31, 2018
    23  New York State and Local  Retirement  System  Financial  Statements  and
    24  Supplementary Information.
    25    I am a member of the American Academy of Actuaries and meet the Quali-
    26  fication Standards to render the actuarial opinion contained herein.
    27    This  fiscal note does not constitute a legal opinion on the viability
    28  of the proposed change nor is it intended to serve as a  substitute  for
    29  the professional judgment of an attorney.
    30    This  estimate,  dated  May 16, 2019, and intended for use only during
    31  the 2019 Legislative Session, is Fiscal Note No. 2019-123,  prepared  by
    32  the Actuary for the New York State and Local Retirement System.